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Lagos Funds Pension Scheme With N125.94bn

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  • Lagos Funds Pension Scheme With N125.94bn

Lagos State Government has so far spent N125.94bn on the Contributory Pension Scheme since its inception nine years ago.

The Commissioner for Establishment, Training and Pensions, Dr. Akintola Oke, said this in Lagos during the state’s 11th retirement benefit documentation seminar.

The seminar was organised for core civil servants and employees of the Lagos State Universal Basic Education, Teachers’ Establishment & Pension Office as well as local governments due to retire between January and June 2017.

“In essence, the Lagos State Government’s funding of employees’ pension rights under the CPS in a period of nine years is approximately N125.94bn,” he said.

The commissioner said that the state was committed to the regular contribution of the monthly deduction of 7.5 per cent from the salary of every employee and the employer’s 7.5 per cent.

“We are aware of the inadequacy of the funding rate recommended in the Pension Reform Law and for the year 2016, this administration, in order to bridge the gap has approved a pension bailout fund of N6.5bn,” he said.

Oke said he expected the seminar to open the eyes of the participants to the challenges faced by retirees and how they could tackle them as they would be transiting to another phase of their life.

The Director-General, Lagos State Pension Commission, Mrs. Folashade Onanuga, said that in the last 16 months of the current administration, N21.9bn had been spent as accrued pension rights on 50,027 retirees.

According to her, the main essence of the seminar is to educate the participants on steps they need to take to facilitate the quick processing of their terminal entitlements.

Onanuga said the seminar would help them to come to terms with life out of office and the need for adequate preparation for their comfort in retirement.

According to the LASPEC boss, the government has not reneged on the funding of the Retirement Benefit Redemption Fund and the Pension Sinking Fund accounts.

“We are committed to your welfare, and will continue in our quest to make the Lagos State Pension Scheme the best in Nigeria,” she said.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Finance

Niger Insurance to Sell Property Worth N15bn in Recapitalisation Move

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WAPIC

Niger Insurance to Sell Property Worth N15bn in Recapitalisation Move

Niger Insurance Plc said it is working on a plan to sell off N15 billion worth of real estate and investment property to boost its cash flow and meet the liquidity requirements of the insurance industry.

Mr. Edwin Egbiti, the Managing Director of the company disclosed this during the company’s 2019 annual general meetings held virtually in Lagos recently.

He said, “Subsequent to the requisite approvals of the board on behalf of shareholders, a number of the company’s real estate and investment property valued at N15bn have been put on sale in order to improve liquidity/cash flows, ensure reserve adequacy and improve solvency margins.

“We are encouraged by the progress made so far, and confident that both capital restructuring and recapitalisation efforts will be successful in line with National Insurance Commission’s regulatory timelines.”

It added that Niger Insurance recognised that its people were the company’s most critical assets without whom its goals and plans would remain elusive.

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Finance

AMCON Takes Over Inducon Nigeria’s Assets Over N1.3 Billion Debt

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AMCON Takes Over Inducon Nigeria’s Assets Over N1.3 Billion Debt

The Asset Management Corporation of Nigeria has taken over the assets of Dr. John Abebe, the Chief Promoter of Inducon Nigeria Limited over N1.3 billion debt.

According to a statement signed by the Head, Corporate Communications Department, AMCON, Jude Nwauzor, and titled ‘N1.3bn debt: AMCON takes over assets of Inducon Nigeria Limited’ the decision followed the order of Honourable Justice Aikawa of the Federal High Court, Lagos.

In compliance with the enforcement order, AMCON at the weekend took effective possession of the property situate at Plot12, Block 108, Lekki Peninsula Residential Scheme, Lagos, through its debt recovery agent – Ogunsola Shonibare L.P.

“The court also ordered that the bank accounts of the company and its directors, Dr. John Abebe, Mr Olawole Fatimilehin and Ademola Buraimoh, be frozen pending the final determination of the suit.

The asset management corporation said the case of Dr. John Abebe and Inducon Nigeria Limited started shortly after the loan was procured by AMCON in 2011 during the first phase of Eligible Bank Asset purchases from the defunct FinBank, Now FCMB.

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CBN Pays N14.35 Billion for 263,860 Meters to End Estimated Billings

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CBN Pays N14.35 Billion for 263,860 Meters to End Estimated Billings

The Central Bank of Nigeria (CBN) said it has disbursed a total sum of N14.35 billion to the Distribution Companies of Nigeria (DisCOs) for the payment of 263,860 meters under the National Mass Metering Programme (NMMP).

In November 2020, the Federal Government announced that it would make funds available for 1 million meters in the first phase of President Buhari Mass Metering Initiative at no cost to consumers.

Between November 2020 and January 2021, the Federal Government through the CBN has disbursed N14.35 billion.

However, according to the apex bank DisCOs must pay back the amount disbursed based on the previously agreed amortisation schedule.

The facility disbursed is a loan that must be repaid by the DisCos on the basis of the previously agreed amortisation schedule. The repayment is to be deducted from payments made by consumers into the DisCos accounts with Deposit Money Banks (DMBs),” the CBN stated.

The maximum tenor of the facility is 10 years but not exceeding 2030, while the moratorium on the principal amount is for a period not exceeding 24 months from the date of loan disbursement.

A week ago, the Ibadan Electricity Distribution Company (IBEDC) announced it has commenced the distribution of 104,0000 free meters in Ibadan, Oyo State.

This, the IBEDC said was under the ongoing National Metering Scheme of president Muhammadu Buhari.

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